The Purple Economy - A New Vision for Economics That Values Care

The Purple Economy offers an alternative vision of economics which prioritizes care. It strives to humanize globalization by harnessing cultural dynamics as an instrument of sustainable development.

Photo by Monstera Production

Culture's increasing importance has not yet been fully considered in its ecosystem context. This research seeks to outline a definition for health care as an ecosystem within Egypt's Purple Economy (culture) and explore its relationship to sustainable development indicators and sustainable living indicators.

What is the Purple Economy?

The Purple Economy (sometimes referred to as care and compassion economies) recognizes women's work as well as their autonomy, empowerment and contribution to our economies, societies and life sustainability. Furthermore, this new vision of economics acknowledges that their unpaid labor remains undervalued despite being essential in supporting families and communities.

This multidisciplinary approach to economics focuses on fundamental rights such as maternity leave, flexible work arrangements and fair pay. It advocates for vulnerable groups like children, seniors and people living with disabilities. Furthermore, this multidisciplinary approach advocates moving away from traditional measures of wealth such as GDP in favor of more inclusive measures that take into account aspects such as quality of life.

Purple Economy has gained wide recognition as an influential driver of economic growth and development, providing a means of combatting global challenges such as Covid-19 pandemic and climate change. Furthermore, it can help communities build resilience against threats like Covid-19 pandemic or climate change while increasing access to healthcare services, improving working conditions and supporting achievement of SDG GOAL 3: Good Health and Well-Being; GOAL 4: Quality Education; Gender Equality GOL 5; Reduced Inequality. By placing culture at the core of sustainable economic development and growth plans; purple economy provides a framework to address such vital issues effectively.

The Purple Economy is a Multidisciplinary Economy

The purple economy places emphasis on both cultural dimensions and human responses when meeting economic goals, in order to "humanize globalization" and use culture as a means for sustainable development dimensions. Furthermore, this economic model makes cultural returns on goods and services an integral component of economics as opposed to more conventional models that emphasize sectoral returns of economy.

Attributing to this, jobs related to the purple economy have grown increasingly popular, including positions in humanities, social sciences and research fields. These professions require individuals with knowledge of local knowledge systems and cultures as well as those skilled at cultural anthropology enabling individuals to assess the effects of an economy on different groups within society.

The Purple Economy emphasizes women's economic empowerment and gender equality as integral elements of sustainable development. Countries like Georgia with rapidly developing care economies such as theirs face an increasing need to increase women's standard of living by broadening economic opportunities; furthermore, due to low remuneration for care work as well as inadequate labor rights protection for female care providers in this field.

The Purple Economy is a Care Economy

The Purple Economy is a new economic model that recognizes the critical importance of care work within human societies. Without it, our communities and economies could face severe disruptions that threaten their sustainability.

Economic value of caregiving work performed mostly by women is often underestimated as women comprise 46% of global employment and perform two thirds of all caregiving duties paid for with money. Unpaid labour accounts for millions of global work hours that often suffers wage penalties, poor working conditions and limited training and education opportunities.

However, there are well-paid jobs within the purple economy which must also be recognized and rewarded more appropriately. These include jobs related to cultural aspects of society such as those found within creative industries and arts fields that contribute significantly towards creating an environmentally-sustainable economy.

Psychological economics aims to change how we think about and comprehend the economy by considering all its dimensions. Psychological economics is a discipline that examines how culture can be leveraged towards sustainable development goals; specifically it stresses the need to humanize globalization so it carries values reflective of society culture - this approach could transform global economies by making them more humane and sustainable.

The Purple Economy is a Social Economy

The purple economy is a social and cultural economy that enriches all sectors of the economy. It emphasizes the value of culture in society and economics, placing its significance at the forefront of sustainable development and enriching all segments of it - green, blue and golden economies, as well as social and grey economies focusing on human issues are included under its purview.

Ilkkaracan's concept of a purple economy is timely in light of society's increasing emphasis on health and well-being. She envisions a future where global economic systems acknowledge caring's essential place in everyday life and that inequalities will persist unless care work is recognized, valued, and redistributed accordingly.

As part of its vision, the purple economy also advocates for the creation of a universal infrastructure of care services that would ensure access to quality professional paid care for children, elderly and disabled people living in all households - helping reduce inequality while simultaneously increasing productivity, economic growth and employment. Such an infrastructure would serve to combat inequalities while improving productivity growth, economic health and employment levels.